MEETING OF CREDITORS.

Otago Witness, Issue 2688, 20 September 1905, Page 18

MEETING OF CREDITORS.

Be Blackmoee and Son. ! The first meeting of creditors in the estate of James 1 and Charles Blackmore, trading at Waivrera as builders, under tlie style of James Blackmore and Son, wa.si held a-t the- office of the official assignee on the 12th inst., Mr E. Wilson appearing for bankrupts. Bankrupts' statement showed that there wero unsecured creditors to the extent of £339 5s 4d ; stc-ck-in-trade estimated at £100 ; book debts estimated to produce £40; cash in hanfl £30; and other assets (horse, cart, harness, etc.), £86; leaving a deficiency of £80 5s 4d. The principal creditors are F. ■&. Brown (Wellington), £80; Brisooe and Co., £20; Laidlaw and Giay, £19 19s; Pater son and Barr, £14; Murdoch, and Co., £24; Oinand and! Wright 415; Latta Bros. (Owaka), £76; Kaitangata Coal Company, £6 2s; H. F. Moss, £33 2s 4d; Gray. and giofts (^.Usn^£^£uj&e,.ani. C 0.,,

fiG, D. if Scott (Waiwera), £8; D. Sutherland (Waiweraj. is. Tli9 Assignee havrrj; read th-e statnient, said there ought to bo a dividend for creditors ot 38s in ihe pound. He then read a written statement by bankrupts as to tho cause of bankruptcy, which was as follows — "In March, ]f>o4, we bought uig business of G. F. Brown at Waiwera, paying £75 for his lease and goodwill, which we tjow value at £iU, taking the stock of timber, etc., at a valuation of i'B-i. v \~e had then no capital Lcyond £30 borrowed from a relation, which, we have since paid back by small instalments. We have only undertaken two contracts for JE6IS and J£93 respectively, and on the first of these we lost about £&A. Except -what was made necessary by our contracts there has been scarcely any turnover in the stock, our recepits, appa'fc from the contracts, being about £300, and cc nimy mostly from day labour. We have lived together and shared expenses, and our total drawings out of the business have amounted to £210, while there are now household d«bts of about JE3S owing. We attribulo cur bankruptcy to the loss on the contiact, and our being loaded with a stock for -which thera is little or no outlet, while there is not sufficient work in the district to keep us fully employed. Apart from £25 ■worth, of furniture ""belonging to James Blackmore, we have no separate estates." Mr Wilson mentioned that there was an omission in this statement, and it was that two of the creditors had issued summonses against bankrupte for about £50. Mr Wilkinson (who appeared for Mr Brown) said the estate had been sold to two of the &ocs The father had come in afterwards. One son was Chares and the other Edgar, and the latter was a minor. The Assignee said he only knew Charles Blackmore in the matter. There- was no remedy against the minor. Mr "Wilkinson said he was afraid not. It would b« a matter of joint and several estates. Mr Blackmore sen., said they were not in a position to make any offer. For weeks and weeks they i>act been laying on thenoars and doing no business. They haddone a good business at first, but it had! died off. They had been carrying on ac Blackmiore and Son since March, 1904. His boys Lad bought the- business from Mr Brown a month previously. He had had transactions vitb. Mt Brown a month after tho partnership vaa enirred into, and Mr Brown was atvare of them being in partnership. The furniture was i worth £25. It was his. His son had nothing to do vfith. it. He had paid £24 off a £60 piano. They had thought it better to stop while tha estate was in a something like respectable condition. After some discussion among creditors, "it v.-as lesolvecl that the disposal of the business, ■with, book debts, stock, and lease, be left to the official assignee and Mr Mass (one of tlxe creditors) to accept any eligible offer.